Fraud & Elder Abuse Alleged In Viaticals

OAKLAND, CALIF. (CN) - Through the use of "doctor's reports" on life expectancy, that are not in fact prepared by doctors, Fidelity Assurance Associates takes advantage of old folks in convincing them to sell their life insurance policies for cash, says a class action filed in Alameda County.

Fidelity and others commit elder abuse and securities fraud by misrepresenting sales of viatical policies and selling them without a license, a class-action complaint claims in Alameda County Court. Defendants, including Mills, Potoczak & Co. and Dulude & Carmouche Inc., are accused, among other things, of obtaining fraudulent "doctor's reports" on life expectancy from people who are not doctors.

Here are the defendants: Fidelity Assurance Associates LLC; Fidelity of Georgetown Inc.; Financial Services Consultants Inc.; Mills, Potoczak & Company; Dulude & Carmouche Inc.; Richard Guilford; Brad Thompson; Brenda Tluczek; William Carmouche; Estuko Dulude; F. Neil Thompson; and Anthony Feuer.

Represented by lead counsel The Arns Law Firm of San Francisco, plaintiffs demand rescission of contracts and punitive damages.

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